President Muizzu Promises Solution to Dollar Access Challenges Faced by Maldivian Students Abroad

President Dr. Mohamed Muizzu has announced that his administration has begun work to resolve the dollar-related difficulties faced by Maldivian students studying abroad under the government’s higher education loan scheme.

Speaking in the third episode of his official podcast series With the People, the President said that many students have raised concerns about their inability to access U.S. dollars at official bank rates, forcing them to rely on the black market at high costs.

He noted that the issue has been repeatedly brought up during his visits to foreign countries, where he has met Maldivian students studying under the scheme. Most recently, he engaged with students in the United Kingdom, who again highlighted this challenge.

“Students studying under the loan scheme should have access to dollars at bank rates, usable only in the country of study,” President Muizzu said.

He explained that currently, loan disbursements are made in Maldivian Rufiyaa, which then have to be exchanged informally at higher rates abroad. This results in financial losses and added burdens for students.

The President stated that he has instructed the Minister of Finance to urgently find a proper solution to the issue, in consultation with the Governor of the Maldives Monetary Authority (MMA). He assured that any changes would be implemented in a way that safeguards the domestic foreign exchange market.

“The solution will ensure students abroad can access dollars at bank rates without negatively impacting the Maldives’ dollar market,” he added.

There are currently over 1,600 Maldivian students pursuing higher education under the government loan scheme, making this a pressing and widely felt issue for families across the country.